Court filings reveal the extent of the battle over selections for positions on the company’s board of directors
against one another has exposed broad discontent among institutional shareholders toward the real estate software company dating to well before activists launched campaigns against it this year.
Mr. Derksen, who had already said he would step down after the annual meeting, was re-elected with 68 per cent support. He quit as chair in May and said he won’t run again.between Tyler Proud and the Toronto company led by brother Matthew Proud. Ontario Superior Court Justice Peter Osborne is hearing the case Wednesday.
D&D has agreed to put forward Mr. Shahinian’s name but refused to include a proposal by OneMove to vote Mr. Prittie off, calling it invalid and related to a personal grievance because he refused Tyler’s requests to resign. OneMove says D&D is attempting to disenfranchise it and that it has acted responsibly.the judge to allow voting on Mr. Prittie’s removal, it could result in four dissident-backed outsiders joining the board, upending the power balance.
Investor discontent has dogged D&D since the board agreed to a huge equity award for Matthew after an end to talks of a management buyout. While investors approved the pay package in December 2021, compensation committee members David MacDonald and Mario Di Pietro drew far fewer votes in their re-election to the board than other directors. Shareholders voted down an options grant to directors.
Mr. Derksen had already shared concerns in an August 2022 text to Tyler filed with the court. He wrote governance “continues to be a struggle” with too many inexperienced and unengaged directors and no women. He said neither of the brothers’ nominees “have appropriate public board experience or level of engagement.” The board made some fixes but Mr. Derksen later called them “small steps.”
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